Category: Economic Catastrophe

George Soros, a legendary Billionaire investor, has issued a warning to the people of Britain against voting for Britain to exit the European Union. He states that if this happens then it will lead to a disaster as the stock market and currency` will suffer hugely. Mr. Soros joins other notable figures among them David Beckham, a soccer star, and his wife Victoria Beckham who are urging Britain to remain put in the European Union. This comes before the big vote that is expected to happen this week to settle the issue that has been contentious for a long time now. This issue has even elicited the reaction of David Cameron, the British Prime Minister who said that “Brits do not quit”.

George Soros on his part predicts that a vote in favor of Brexit would damage the living standards in Britain severely and also lead to the British Pound taking a plunge. He warns that the plunge this time round could be worse than the Black Wednesday that occurred approximately 24 years ago. Soros had earlier on opined in the Guardian Newspaper that the pound risks falling by at least 15% or even past the 20% mark. In 1992, when Britain collapsed from the European Exchange Rate Mechanism, the British pound lost about 15% of its total value. Soros had bet that the pound would drop in value and ended up making a billion pounds when the British pound fell.

About George Soros
George Soros is the chair and also founder of the Open Society Foundations and Soros Fund Management. He was born in the year 1930 in Budapest, he managed to survive against the Nazi Occupation in the World War II before fleeing to England in 1947. He went on to graduate from the prestigious London School of Economics. He then settled in the USA and managed to accumulate huge fortunes through his International Hedge Fund that he founded and was also involved in its management.

Ever since the year 1979, he has always been an active philanthropist and was involved in providing funds to black students in order to assist them attend the Cape Town University in South Africa during the apartheid. His Open Society Foundations now is operational in over 100 countries and its annual expenditure reached the $835 million mark back in 2011. The main goal of the foundation is to promote values that are befitting of an open society, transparency and human rights. George Soros has authored a few books that include “The Tragedy of the European Union” that he authored in 2014. He also writes various essays and articles on various topics touching on society, economics and politics. These articles and essays usually feature often on prominent magazines and newspapers in the world.

The stock market crash of 2008 was devastating, affecting people across the world. This shocking historical event was largely unforeseen, even by experts of the financial world. Since 2008, many precautions have been taken to prevent a stock market crash from happening again in the future. However, there is one individual who insists that the stock market will crash again, much like it did several years ago. George Soros was recently in an interview in which he stated that investors need to remain very cautious in upcoming months and years in order to avoid such a disaster.

Mr. Soros is a very skilled individual when it comes to finance, as he is a founder of Open Society, an extremely affluent and efficacious business relating to financial, business, and government matters. George Soros’ interests expand to include helping underprivileged communities, where he gains a genuine and altruistic perspective for life. Open Society has extended itself to more than 100 different countries, in which Soros has gathered various bits of information about their financial wellbeing.

Apart from Open Society, the largely successful company run by George Soros, he has many other interests that are deeply rooted in the world of business and finance. Soros is the owner of a hedge fund firm that has steadily gained 20 percent each year since its creation in 1969. Today, that hedge fund firm has a total value of over 27.3 billion dollars. Due to his assets and interest in large financial gains, Mr. Soros has kept close watch over the country’s stock market, as well as foreign stock markets.

Soros often speaks out about controversial issues, one of which being the potential for the stock market to crash once more in the very near future. It is widely known that some countries, such as Greece, have faced extreme financial downfall. However, Soros has shed some light on lesser known financial problems occurring in China. The market in China is rapidly changing from the traditional manufacturing and investment, and going in a different direction dealing more with services and consumption. China has been one of the main sources of manufacturing for many countries around the world for decades, but with this shift in the economic responsibilities, it is affecting the stock market globally. Soros went so far as to call these happenings a “crisis”.

Ultimately, Soros believes that due to many financial happenings throughout the world, another stock market crash could be upon us. He compares it to the crash of 2008, and says that the likelihood of this happening once again is extremely high.